Ryman Hospitality Properties addressed recent media reports regarding its Opry Entertainment Group business.
Ryman Hospitality Properties is a lodging and hospitality real estate investment trust focused on group-oriented upscale convention center resorts and entertainment experiences.
The company said it is proud of Opry Entertainment Group and its role as steward of several historic and iconic country music brands.
Ryman said it remains focused on bringing artists and audiences together through live entertainment experiences. The company has previously said that enabling Opry Entertainment Group to operate outside of its REIT structure over time is important for the business’s long-term growth trajectory.
Ryman also said strategic partnerships could further support Opry Entertainment Group’s growth.
The company noted that rising global popularity of country music and increasing demand for live experiences have led to inbound interest from organizations seeking to partner with the entertainment business.
Ryman said it has engaged Morgan Stanley to help evaluate potential opportunities involving Opry Entertainment Group.
The company has not entered into any agreements, and there is no assurance that any transaction will occur.
Ryman owns an approximately 70% controlling interest in Opry Entertainment Group. The business includes the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Category 10, Nashville-area attractions, and Block 21 in Austin, Texas, which includes the W Austin Hotel and ACL Live at the Moody Theater.
Opry Entertainment Group also manages select outdoor live music venues and owns a majority interest in Southern Entertainment, a festival and events business.
Ryman operates Opry Entertainment Group as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the company’s financial results.
KEY QUOTES:
“We are incredibly proud of our OEG business and of our role as stewards of these historic and iconic brands, which are deeply important to the country music community and the markets we serve. We remain focused on bringing artists and audiences together through iconic live entertainment experiences. We have previously shared our view that enabling OEG to operate outside of our REIT structure over time is important for its long-term growth trajectory, and we believe strategic partnerships can further support its growth.”
“With the rise in global popularity of country music and the increasing demand for live experiences, we have received inbound interest from a range of organizations seeking to partner with our entertainment business. In that context, we have engaged Morgan Stanley & Co. LLC to assist in evaluating potential opportunities. We expect to play an integral role in the continued growth of OEG irrespective of any strategic partnerships being considered.”
Colin Reed, Executive Chairman of Ryman Hospitality Properties
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source pulse2.com ’
